马币一直被低估？ 经济学者：制度性改革才是关键
八点最热报 | 马币走势持续疲弱，经济学者在接受《八点最热报》访问时也指出，其实要提振马币，没有魔术棒，只能踏踏实实地进行制度改革，提高经济基本面，给予针对性补贴，改革退休金制度，减少赤字，改革司法，从而恢复投资者对我国的信心，这才能加强马币的优势。（主播：颜江瀚）
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00:00 Before watching the video, I remind you that there is more content on the Hotpoint website.
00:05 The market for Mabi has been weakening.
00:07 The National Bank President, Adolphe Adolphe,
00:09 has reiterated his statement in a report released in 2023.
00:12 Mabi has been underestimated.
00:15 Now, it is the window of opportunity for the government to promote reforms.
00:18 Only by reforming the system can we bring Mabi to the fore.
00:23 Two economists also mentioned during their interview that
00:25 there is no magic wand to bring Mabi to the fore.
00:28 You can only carry out a systematic reform
00:31 and improve the economic fundamentals,
00:34 and reduce the tax reform and judicial reform
00:37 to restore investors' confidence in our country.
00:40 This is the only way to strengthen Mabi's advantage.
00:43 The National Bank President, Adolphe,
00:45 has said that the government is already promoting a series of reforms,
00:48 including reforming the pension system,
00:50 targeting subsidies, adjusting water and electricity costs,
00:52 and launching a series of big blueprint plans.
00:55 These are especially important for Mabi.
00:57 He said that this is a painful decision and measure.
01:01 But in the long run, it will definitely have a positive impact.
01:06 Wu Lintai, a senior professor at the Major Economic University,
01:09 also agreed that Mabi has been underestimated.
01:12 Because in terms of our country's economic situation,
01:15 it is not that bad.
01:17 But the market is very confident in dragging it up.
01:21 Foreign investors are not confident and dare not invest in our country.
01:24 And worse, even the locals are not confident in our currency and products.
01:29 Many rich people are not sure about Mabi.
01:32 They are also struggling to sell Mabi for new currency or dollars.
01:38 This further lowers Mabi's price.
01:41 Li Rongchang, an assistant professor at the University of Xiamen,
01:45 said that the fall of Mabi is not only a comprehensive problem,
01:49 but also a market-oriented problem.
01:53 And because of the unstable political situation,
01:56 the economic reform has not been in place.
01:58 So, to solve the problem of our currency being underestimated,
02:01 we need to start from the basic level.
02:04 It is mainly a comprehensive problem of our country.
02:10 For example, the agenda of our political and economic reform is not firm enough.
02:15 The market cannot see the future direction of Malaysia.
02:18 Because the trend of currency depends on
02:21 the market's expectation of the currency.
02:24 If you expect the country's economy to grow strongly,
02:28 or if there is a strong chance of rising stock prices,
02:31 foreign investors will naturally come in.
02:33 But if you expect the main economic growth to be weak,
02:37 and many unknown factors,
02:39 and the policy is not conducive to the business environment,
02:41 at that time, foreign investors will come in,
02:44 and Mabi will continue to be weak.
02:46 This is why the Bank of China has been explaining to Mabi that
02:50 while Mabi is basically in the bottom,
02:53 it also calls for the government to continue to reform.
02:57 This is the important factor that will guide Mabi to what level.
03:03 Li Rongchang, assistant professor of economics at the University of Xiamen,
03:07 said during an interview that
03:09 the trend of currency usually depends on two factors.
03:12 One is the short-term financial factor,
03:14 and the other is the stable economic fundamentals.
03:16 Since our country is currently weak in currency due to the interest rate gap with the United States,
03:20 the government should make plans for the long term
03:23 and carry out systematic reforms.
03:25 Wu Lintai, senior lecturer at the University of Xiamen,
03:28 also believes that only systematic reforms
03:30 can strengthen foreign investors' confidence in our country
03:33 and strengthen Mabi's advantage.
03:35 Because of systematic reforms,
03:37 it will create a sense that our country is improving in a certain way,
03:41 and is constantly improving.
03:43 So, systematic reforms are also beneficial for investors
03:47 because they will see that our approach is different from before.
03:50 Now, Malaysia is making progress in a better way,
03:55 so it will increase their confidence in investors.
03:59 So, what is the ultimate goal?
04:00 To increase and strengthen investors' confidence,
04:03 and to attract them to Malaysia for investment.
04:06 This will have a positive impact on Mabi.
04:11 Li Rongchang believes that because of Mabi's weakening,
04:14 the state-owned enterprises can neither directly interfere with the foreign exchange market
04:17 nor increase their OPR,
04:18 so there is no direct way to strengthen Mabi.
04:21 Therefore, now is the window of opportunity for our country to carry out systematic reforms.
04:26 From a long-term perspective, to solve the problem of Mabi's performance,
04:29 he pointed out that foreign investors need to see that Malaysia is determined to reform.
04:33 For example, the problem of the "red" character that has been causing criticism has been improved.
04:37 Why is the "red" character a problem?
04:39 It is because the government has always imposed so many red characters,
04:43 which means that in the future, you will need to borrow money to support your red character.
04:48 So, your national debt will increase.
04:51 At a certain point, people will start to doubt whether you are able to pay off your debts.
04:56 So, the same principle applies to the market.
04:58 It depends on whether the government has reformed its fiscal system.
05:01 For example, the government has said that it will reform the retirement system.
05:04 But has the government changed the law?
05:07 Has the government interfered with the court's decision?
05:11 This gives foreign investors confidence
05:14 that whether the Malaysian business is protected by the law.
05:18 This is why a systematic reform is very important to Malaysia.
05:22 Wu Lin Tai also pointed out that after Prime Minister Anwar took office,
05:25 he has also actively promoted systematic reforms,
05:27 such as the Changming Economic Structure, the reform of the retirement system,
05:31 the targeted subsidy mechanism,
05:33 and even the tax exemption and the increase in the SST tax rate.
05:36 These policies are not popular in the short term,
05:39 but they can be reformed from the system, reduce expenses and increase income.
05:43 This will restore confidence in the market.
05:46 From a long-term perspective, it will improve the trend of currency.
05:49 I think the Maldanese blueprint is very helpful to our country's economy.
05:55 For example, it advocates strengthening our competitiveness.
05:58 That's a good thing.
05:59 Last year, our competitiveness rose from 32nd place in 2022 to 27th place.
06:07 This is a good trend.
06:09 We recently talked about reducing retirement benefits.
06:12 What is the main purpose of this series of policies?
06:15 The main purpose is to reduce expenses.
06:17 Reducing expenses is helpful to our country
06:19 because we cannot continue to spend.
06:24 The senior lecturer of Maldanese University, Lin Tai,
06:27 believes that it is not a matter of one day to lift the currency.
06:31 But now is a good opportunity for reform.
06:33 Only by reforming from the system can we restore the investors' confidence in our country.
06:38 And he also believes that the current series of reforms by Prime Minister Anwar
06:42 may not be popular in the short term.
06:44 But no matter who is the prime minister now,
06:47 his goal should be the same.
06:49 That is, what we must do now is to reduce expenses and increase income.
06:53 Because the Malaysian must be very careful in this difficult period.
07:00 To be continued...
07:05 To be continued...
07:08 To be continued...